Expert Tips To Maintain High Occupancy For Your Rental Property

The occupancy rate is an essential aspect of the rental business. A high tenant retention rate assures a steady income stream and allows property owners to focus on other activities.

Here are some expert recommendations for decreasing the vacancy rate of your rental property:

• Conduct Market Research To Set Appropriate Rental Rates : Conduct thorough research to understand the various aspects of the local rental market. This will assist you in establishing competitive rental rates. Overpriced or underpriced rental property is typically detrimental to the business. While attracting and retaining renters for an overpriced rental property can be difficult, an underpriced rental will not generate the appropriate profits. To ensure stable occupancy rates, price your home within the range of comparable properties.

• Keep Your Property Well-Maintained : Maintain exceptional standards of upkeep. Ensure that all appliances are in good working order before renting a property. Inspect the electrical outlets, water faucets, air duct vents, doors, windows, etc. thoroughly. Regular upkeep preserves the property's value, prevents costly repairs, and attracts reliable tenants. It also helps in high tenant retention and generate profit.

• Rigorous Tenant Screening : Examine the prospective tenant's rental history, employment profile, eviction reports (if any), income & credit report, previous landlord’s feedback, reasons for leaving the current rental, number of occupants (including pets), move-in date, references, and other relevant information. This process aids in finding a good tenant for the rental property. A responsible tenant typically occupies the property for a longer period, pays rent on time, and complies with rental terms.

• Answer Tenant’s Concerns On Priority : Be responsive to tenants’ concerns and resolve their issues on a priority basis. Perform regular inspections to keep a check on the condition of the property. This makes your tenants feel valued and will prevent tenant discontentment issues. Satisfied tenants are more likely to occupy the rental for a longer duration thereby reducing the vacancies.

• Seek Assistance From A Property Management Agency : To boost tenant retention, seek the services of a reputed property management company. A professional rental management company provides assistance with all aspects of running a rental property, including tenant screening, establishing high-yielding marketing tactics, managing property maintenance requests, addressing tenant complaints, doing routine property inspections, collecting rent, etc.

Hunter Rentals & Sales offers a wide range of rental and property management services. Visit Hunter Rentals & Sales at 1503 W Stan Schlueter Lp, Killeen, Texas 76549, or call (254) 634-3311 for more information. You can also check www.hunterrentals.com to know about our property management services.